Bellow are shots from the character creation menu - region selection for the race of Elves. I am including some stats about each region - however, I`ll only mention economic changes, and leave out all the variations in research, upgrades, unit and building prices and availability.

Bolfores`l player enjoys the balanced gameplay in all regards. Union of Wooden and High Elfs with all the benefits and disadvantages of both-sub races.

High Elves of the Talltos - Sky Land of Gelmeerim.

Mountains, cliffs, and myriad of bridges create a feeling of living on the sky. High Elves favor these secluded regions and natural defenses, allowing them to live out in peace and study great magic dawn till dusk. Almost no outdoor resources, other than stone. Bonus to in-door economy.
-Alchemy Lab + 25% generation
-Stone, Gold, Food Trickle + 25% generation
-Alchemy Lab Metamorphose price + 25% cheaper
-Deer Food Generation rate - 25%

Talltos players is allowed a rare opportunity to lead the most powerful warriors and wizards - belonging to the sub-race of High Elves. Well defended inside the sky strongholds of Talltos, High Elves have no need to venture outside their stronghold, thus they produce everything they need through force of alchemy and magic. Excellent sub-race choice for a player specializing exclusively in magic.

Wooden Elves of the Erthee l’Bala - Swamp Valley of Bala.

Valley of Bala is a Great forest completely flooded with water. Land of union of Elves with Nature and home of the Wooden Elves. Plenty of gold and stone mines, as well we berry bushes, and deers.
All forms of gathering + 40%
Alchemy Lab - 25% generation
Stone, Gold, Food Trickle - 25% generation
Alchemy Lab Metamorphose price - 25% cheaper

Preferring natural resource gathering and taking what nature gives Elven players of Erthee l`Bala are true defenders of all things natural. While they don`t hunt or chop trees, nature provides to them in other ways. Swamp terrain gives huge defensive advantage on the home territory. And mighty Elven rangers and riders create a great combination for offensive gameplay.